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Monthly Cash Budgets.

Question:

Dinkle Company prepares monthly cash budgets. Relevant data from operating budgets for 2012 are:
January February
Sales $350,700 $399,900
Direct materials purchases 110,110 130,100
Direct labor 89,110 100,710
Manufacturing overhead 69,990 76,990
Selling and administrative expenses 78,250 86,590
All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following thesale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. Allother items above are paid in the month incurred except for selling and administrative expenses that include $1,050 of depreciation per month.
Other data:
Credit sales: November 2011, $261,000; December 2011, $320,430.
Purchases of direct materials: December 2011, $100,860.
Other receipts: January-Collection of December 31, 2011, notes receivable $15,410; February-Proceeds from sale of securities $5,460.
Other disbursements: February-Withdrawal of $5,540 cash for personal use of owner, Dewey Yaeger.
The company's cash balance on January 1, 2012, is expected to be $58,870. The company wants to maintain a minimum cash balance of $49,400.

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